Fairfax and Allied World extend deal deadline

Fairfax Financial Holdings and Allied World Assurance Company Holdings have agreed to extend the deadline by which Fairfax has the option to increase the cash consideration, and correspondingly reduce the Fixed Value Stock Consideration, under the terms of the previously announced definitive merger  agreement, to March 10, 2017.

In connection with the transaction, Allied World will hold a Special Shareholder Meeting on Wednesday, March 22, 2017 where holders of ordinary shares will be asked to consider and vote on a number of measures.

These will include: a proposal to amend Articles 8 and 14 of Allied World's Articles of Association to remove the limitation on the voting rights of a holder of 10 percent or more of its ordinary shares; and a proposal for Allied World to pay, as soon as possible after the closing of the exchange offer, a special dividend of $5.00 per ordinary share to holders of outstanding ordinary shares as of immediately prior to the closing of the exchange offer and to forgo the $0.26 March 2017 quarterly dividend.

Today’s top stories

Chubb reveals leadership for new positions in UK and Ireland

Axis Capital expects $50m charge from Ogden rate slash

No need for major overhaul of EU recovery and resolution rules for insurers

TMK expands property owners team with another hire

Bulk annuity market behaviour driven by Solvency II, claims Aon

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.